Analyst Research

Report Title Price
Provider: Auerbach Grayson & Co., Inc.
$35.00
Provider: Auerbach Grayson & Co., Inc.
$35.00

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ANK Bashneft' OAO Considers Selling Stake in UPC to AFK Sistema OAO


Tuesday, 16 Jul 2013 08:00pm EDT 

ANK Bashneft' OAO (Bashneft) announced that on July 17, 2013 its Board of Directors has decided that Bashneft should sell its stake in the authorized share capital of United Petrochemical Company (UPC) to AFK Sistema OAO (Sistema); currently, Bashneft owns a 98% stake in UPC’s authorized share capital. The Board has submitted this proposal to the Extraordinary Meeting of Shareholders of Bashneft for approval. The decision made by the Board forms part of the strategy for divesting non-core assets. In accordance with the Board’s decision, the Extraordinary Meeting of Shareholders of Bashneft is to be held by absentee voting on August 26, 2013. The Meeting is to consider approving the sales and purchase agreement for the above-mentioned stake in UPC worth RUB 6.2 billion. The transaction value was determined based on independent appraisal made by one of the Big Four audit firms.